Daniel Raskas, Senior Vice President of Corporate Development at Danaher Corp (NYSE:DHR), recently sold a significant portion of his holdings in the company. According to a recent filing, Raskas sold a combined total of 34,688 shares over two days. The sales were executed at prices ranging from $236.587 to $238 per share, resulting in proceeds of approximately $8.2 million.
On November 25, Raskas sold 8,370 shares at a price of $238 each. The following day, he sold an additional 26,318 shares at an average price of $236.587. Following these transactions, Raskas now holds 15,225 shares directly.
In addition to the sales, Raskas exercised options to acquire 26,318 shares at a price of $58.59 per share on November 26. This transaction added $1.54 million to his holdings before the subsequent sale of the newly acquired shares.
These transactions highlight a noteworthy shift in Raskas's investment in the company, as he capitalizes on the current market value of Danaher shares.
In other recent news, Danaher Corporation (NYSE:DHR) has seen a series of analyst adjustments following its third-quarter earnings report. Wolfe Research upgraded Danaher's stock rating to Outperform and set a new price target of $285.00, citing a shift in Street estimates aligning with expectations for the company's return to normalized growth. KeyBanc Capital Markets also raised its price target from $290 to $310, maintaining an Overweight rating, while TD Cowen updated the company's price target to $315 from the previous $310, reiterating a Buy rating.
Baird trimmed its price target for Danaher to $277 from $278 but retained an Outperform rating. Meanwhile, Leerink Partners reduced their price target for Danaher to $275 from $280, sustaining an Outperform rating. These adjustments came after Danaher reported steady third-quarter results with revenues of $5.8 billion and adjusted diluted net earnings per share of $1.71, similar to the previous year's performance.
The company maintained its full-year guidance, expecting a low single-digit decline in core revenue and projecting an adjusted operating profit margin of approximately 29% for 2024. These are the recent developments for Danaher Corporation.
InvestingPro Insights
Daniel Raskas's recent sale of Danaher Corp (NYSE:DHR) shares comes at a time when the company's stock is trading at relatively high multiples. According to InvestingPro data, Danaher's P/E ratio stands at 45.24, indicating that investors are willing to pay a premium for the company's earnings. This high valuation could be one of the factors influencing insider selling decisions.
Despite the recent insider sale, Danaher maintains a strong market position with a market capitalization of $172.72 billion. The company's financial health appears robust, with revenue of $23.74 billion over the last twelve months and a gross profit margin of 59.87%, suggesting efficient operations.
InvestingPro Tips highlight that Danaher has maintained dividend payments for 32 consecutive years and has raised its dividend for 6 consecutive years. This consistent dividend policy may provide some reassurance to long-term investors, even in the face of insider selling activity.
It's worth noting that Danaher operates with a moderate level of debt, and its cash flows can sufficiently cover interest payments. This financial stability could be a positive factor for investors considering the stock's long-term prospects.
For those interested in a deeper analysis, InvestingPro offers 13 additional tips for Danaher, providing a more comprehensive view of the company's financial health and market position.
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